How to Insure an Engagement Ring
A diamond engagement ring is one of the most important and expensive purchases you will ever make. It is certainly one of the most long-term items you will ever buy, which is why the cost should never just end with the ring itself. It can be quite financially draining to cover the cost of a diamond ring, especially if it is of substantial size or quality. However, if something were to happen to the ring or diamond the very next day, you would be left with absolutely nothing. Accidents do happen, and we live in a world where thefts do take place. As much as it may pain you to pay additional money to have your ring insured, it is worth every penny.
If you have even the slightest doubt of whether or not it is worth insuring, consider how much worse it would be if the money invested was lost. Not only will it protect your monetary possession, it will ensure that even if the original symbolic ring goes missing, it can be immediately replaced. Furthermore, knowing your valuable ring is backed up no matter what relieves a great deal of pressure that would otherwise prevent you from enjoying your ring.
The Importance of Insuring Your Ring
Those who claim, “It will never happen to me” are tempting fate as much as they are naïve. Since the cost of diamond rings can be rather high it can be easy to forget how small they really are. They can be misplaced, tossed accidentally into the garbage, stolen, or dropped down a drain without even realizing it. The realization that something has happened to your diamond can be quite traumatic, even if it is insured. Take away the insurance and the feeling is indescribable. In order to avoid any potential accident, theft, or disaster, realize the importance of getting your ring insured and get it done immediately.
Assessing Your Ring
One of the first things you’ll need to do before you insure your ring is have it appraised. You will not be able to create an insurance policy for your diamond ring if its value has not been determined. A professional appraiser will assess it and give you a quote which you will, of course, be able to compare with the insurance company’s appraiser. Though you know what you paid and may even have the receipt to prove it, the actual item must be assessed in order to truly record its value.
Finding the Right Insurance Agency
The purpose of this article is not to promote any specific insurance agencies, so I won’t mention any brand names. However, the most important step to insuring your ring is to select a good reputable insurance agency. This is very individual. What works for one may not work for another. Do your research, speak to your friends, and get as much feedback as you possibly can. There will always be negative reports and horror stories. You are after the company with the highest ratio of positive feedback as well as a warm and supportive attitude. Lastly, you will need to decide whether you would like it to be insured as an “extension” to your renters or homeowners policy or whether you want it individually insured through a jeweler for example. While both policies are perfectly fine, the latter may provide you with fuller coverage including a ring replacement instead of cash value.
Most insurance policies are quite similar when it comes to circumstances, but when it comes to your ring you will want to clarify that it is covered for any circumstance from getting lost to being stolen to being thrown out. Additionally, asking certain questions before deciding on a policy will help reassure you that you are in good hands. These questions can include what you are actually covered for, how you will be reimbursed, how your ring’s unique qualities will be valued, what is needed to prove the disappearance of the ring, and anything else. The typical yearly cost of engagement ring insurance is $1 for every $100 that it would cost to replace. So if your ring would cost $5,000, you would be paying approximately $50 a year. If you think about it, it’s really not much for the peace of mind that it will buy you.
Diamond are forever, but better it remain forever by you!